The Office of Risk Management and Insurance is responsible for:
- The purchase and management of liability, property and student insurance (exclusive only of Workers Compensation).
- Assisting units in the management of their risk through:
- planning what work must be done to protect Cornell against the adverse effects of accidental losses;
- organizing personnel and other resources to carry out this work;
- leading personnel throughout Cornell to motivate them in their responsibilities relative to risk management;
- controlling Cornell’s risk management program and evaluating its effectiveness.
- coordinating the experts in the areas of safety, security, law, claims administration, and finance in addressing claims, potential claims, and litigation against the University.
- making decisions relative to the risks that the University encounters in its operations.
The basic decision making process of risk management is as follows:
- Identify potential human, physical, financial, and natural losses.
- Measure the effect on Cornell should a loss occur.
- Apply appropriate risk control and/or risk financing techniques.